# Insmed Incorporated (INSM)

> Source: Nexqual · https://nexqual.com/INSM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Insmed Incorporated (INSM), nexqual.com/INSM" · informational, not investment advice.

**Price:** USD 95.06 (+1.08% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 94.04 · day 93.35–95.59 · 52w 90.39–212.75 · market cap $20.8B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.14B, net income -$875M (-76.9% margin), free cash flow -$808M (SEC filings).
- 1 of 80 tracked superinvestors hold INSM (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 26 Form 4 filings, $63.1M; 11 not under a Rule 10b5-1 plan ($40.8M); 0 by opportunistic insiders, 24 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.83 on a 1–5 scale) (24 analysts), mean target USD 196.14 (range 165–243).
- Total return with dividends: 1Y -40.6% vs S&P 500 +14.9%; 5Y +246.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD -0.38, revenue estimate $499M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $188M | $245M | $305M | $364M | $606M | $1.14B |
| Gross profit | $144M | $190M | $240M | $278M | $483M | — |
| Operating income | -$375M | -$457M | -$710M | -$878M | -$1.25B | -$841M |
| Net income | -$435M | -$482M | -$750M | -$914M | -$1.28B | -$875M |
| EPS (diluted) | -$3.88 | -$3.91 | -$5.34 | -$5.57 | -$6.42 | — |
| Free cash flow | -$371M | -$410M | -$550M | -$706M | -$968M | -$808M |
| Gross margin | 76.6% | 77.5% | 78.5% | 76.4% | 79.7% | — |
| Operating margin | -199.0% | -186.4% | -232.5% | -241.5% | -205.6% | -73.9% |
| Net margin | -230.6% | -196.3% | -245.6% | -251.2% | -210.5% | -76.9% |
| Revenue growth | +14.6% | +30.2% | +24.4% | +19.2% | +66.7% | — |
| Cash + short-term investments | $717M | $1.15B | $780M | $1.43B | $1.43B | — |
| Total debt | $800M | $1.15B | $1.18B | $1.12B | $547M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 18.3x · EV/Sales 17.7x · P/B 27.4x · FCF yield -3.89% · Earnings yield -4.22% · Net cash $614M · EV $20.1B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold INSM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 2.07% | $229M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
15 of 26 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Brennan David R | Director | 25,000 | $3.1M | 20.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Sharoky Melvin Md | Director | 5,000 | $638K | 1.8% | No | Too little history (no open-market trades in 2024) |
| 2026-08-10 | Adsett Roger | Chief Operating Officer | 239,850 | $32.0M | 70.8% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-08-06 | Flammer Martina M.D. | Chief Medical Officer | 27,173 | $3.5M | 31% | Yes (adopted February 27, 2025) | Routine (sold in Jan & May & Jun each year 2023–2025; this trade is outside those months) |
| 2026-07-23 | Lewis William | Chair and CEO | 10,700 | $1.1M | 2.1% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-07-09 | Lewis William | Chair and CEO | 10,699 | $1.3M | 2.1% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-07-06 | Flammer Martina M.D. | Chief Medical Officer | 12,302 | $1.4M | 16.9% | Yes (adopted February 27, 2025) | Routine (sold in Jan & May & Jun each year 2023–2025; this trade is outside those months) |
| 2026-06-25 | Lewis William | Chair and CEO | 21,398 | $2.2M | 4.2% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-22 | Smith Michael Alexander | Chief Legal Officer | 1,806 | $173K | 4.6% | Yes (adopted November 7, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-08 | Lewis William | Chair and CEO | 6,515 | $613K | 1.3% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-03…2026-06-05 | Flammer Martina M.D. | Chief Medical Officer | 4,424 | $455K | 6.8% | Yes (adopted February 27, 2025) | Routine (sold in Jan & May & Jun each year 2023–2025) |
| 2026-06-03 | Adsett Roger | Chief Operating Officer | 2,370 | $242K | 2.3% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-03 | Bonstein Sara | Chief Financial Officer | 2,404 | $246K | 3.4% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-03 | Smith Michael Alexander | Chief Legal Officer | 2,159 | $221K | 5.2% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-06-03 | Lewis William | Chair and CEO | 7,605 | $778K | 1.5% | No | Routine (sold in Jan & May each year 2023–2025; this trade is outside those months) |
| 2026-05-22 | Smith Michael Alexander | Chief Legal Officer | 6,149 | $667K | 12.9% | Yes (adopted November 7, 2025) | Routine (sold in Jan & May each year 2023–2025) |
| 2026-05-18 | Lewis William | Chair and CEO | 25,564 | $2.7M | 4.8% | Yes (adopted September 4, 2025) | Routine (sold in Jan & May each year 2023–2025) |
| 2026-05-13…2026-05-14 | Flammer Martina M.D. | Chief Medical Officer | 18,333 | $2.1M | 22% | Yes (adopted February 27, 2025) | Routine (sold in Jan & May & Jun each year 2023–2025) |
| 2026-05-13 | Bonstein Sara | Chief Financial Officer | 8,272 | $961K | 10.4% | No | Routine (sold in Jan & May each year 2023–2025) |
| 2026-05-13 | Adsett Roger | Chief Operating Officer | 5,837 | $678K | 5.5% | No | Routine (sold in Jan & May each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 24 analysts; mean target USD 196.14 (low 165, high 243).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $218 → $213 |
| 2026-10-12 | Wolfe Research | Downgrade | Outperform → Peer Perform |  |
| 2026-10-12 | HC Wainwright & Co. | Reiterated | Buy | $220 |
| 2026-09-30 | Barclays | Target lowered | Overweight | $237 → $207 |
| 2026-09-15 | Roth Capital | Target lowered | Buy | $212 → $198 |
| 2026-08-10 | JP Morgan | Target lowered | Overweight | $179 → $175 |
| 2026-08-10 | Truist Securities | Target raised | Buy | $185 → $195 |
| 2026-08-07 | Guggenheim | Target lowered | Buy | $207 → $205 |
| 2026-08-07 | Wells Fargo | Target raised | Overweight | $161 → $169 |
| 2026-08-07 | Evercore ISI Group | Target raised | Outperform | $160 → $170 |
| 2026-07-21 | BMO Capital | Initiated | Outperform | $192 |
| 2026-07-15 | Wells Fargo | Target raised | Overweight | $160 → $161 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -40.6% | +246.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -40.7% | +28.1% |
| Volatility (annualized) | 61.9% | 63.0% |
| Max drawdown | -56.5% (Dec 2025→Jun 2026) | -54.6% (Nov 2025→Jun 2026) |

## Peers (Biotechnology)
BNTX (BioNTech SE) USD 89.67 -1.77% · INCY (Incyte Corporation) USD 116.93 +3.08% · GMAB (Genmab A/S) USD 40 +1.09% · EXEL (Exelixis, Inc.) USD 65.31 +1.13% · ASND (Ascendis Pharma A/S) USD 242.99 +1.71% · ROIV (Roivant Sciences Ltd.) USD 37.45 +1.77%

## More
Full page: https://nexqual.com/INSM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in INSM's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1104506/000110450626000009/insm-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Patheon UK | "Our manufacturing and supply agreement with Patheon will remain in effect for a fixed initial term, after which it will continue for successive renewal terms unless either we or Patheon have given written notice of termi…" |
| Supplier | Therapure Biopharma | "In February 2014, we entered into a contract manufacturing agreement with Therapure Biopharma Inc., which has been assumed by Resilience, for the manufacture of ARIKAYCE, on a non-exclusive basis, at a 200 kg scale." |
| Partner | PARI Pharma | "In addition, we have a commercialization agreement with PARI, the manufacturer of our drug delivery nebulizer for ARIKAYCE, to address our commercial supply needs (the Commercialization Agreement)." |
| Partner | Resilience Biotechnologies | "For additional information about our agreement with Resilience, see License and Other Agreements—ARIKAYCE-related Agreements." |
| Partner | PPD Development | "In April 2020, we entered into a master services agreement with PPD Development, L.P. (PPD) pursuant to which we retained PPD to perform clinical development services in connection with certain of our clinical research p…" |
| Partner | BPCR | "In October 2024, we entered into the A&R Loan Agreement, as amended July 10, 2025, with BioPharma Credit PLC, BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon,…" |
| Partner | SVB Leerink | "In the first quarter of 2021, we entered into a sales agreement with SVB Leerink LLC (now known as Leerink Partners LLC) (Leerink Partners), to sell shares of our common stock, with aggregate gross sales proceeds of up t…" |
| Partner | Leerink Partners | "In the first quarter of 2021, we entered into a sales agreement with SVB Leerink LLC (now known as Leerink Partners LLC) (Leerink Partners), to sell shares of our common stock, with aggregate gross sales proceeds of up t…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| BRINSUPRI | $309.2M | 72.7% | — |
| ARIKAYCE external R&D expenses | $116.3M | 27.3% | +8.3% |
| Total revenue | $425.5M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| US | $378.7M | 89.0% | +451.4% |
| International | $46.7M | 11.0% | +20.7% |
| Total revenue | $425.5M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 38%, 22%, 18%, 14% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "We now expect that our three lead programs will generate more than $14 billion in combined peak sales."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.38 | $-0.61 | -37.8% | $499.5M | 18 |
| Next quarter (ends 2026-12-31) | $-0.32 | $-0.57 | -44.2% | $573.1M | 15 |
| Current fiscal year (ends 2026-12-31) | $-1.59 | $-2.59 | -38.5% | $1.81B | 18 |
| Next fiscal year (ends 2027-12-31) | $0.80 | $0.13 | +519.8% | $2.91B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±14.8%; last 8 reports averaged ±11.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 65.6% | ±14.8% |
| 2026-12-18 | 56 | 57.2% | ±18.0% |
| 2027-01-15 | 84 | 55.4% | ±21.3% |
| 2027-02-19 | 119 | 54.7% | ±24.9% |
| 2027-03-19 | 147 | 57.8% | ±29.1% |
| 2027-05-21 | 210 | 58.3% | ±35.0% |
| 2027-08-20 | 301 | 55.3% | ±39.6% |
| 2027-11-19 | 392 | 54.2% | ±44.0% |